Subject: Re: Value Fund
TL;DR of "Beating the S&P 500 at it's own game"

"I cannot explain why the equally weighted portfolio has been superior to the sum of its parts. I cannot prophesy that its success will continue. Nor can I generalize about the strategy's effectiveness when employed on indexes beside the S&P 500. I am merely reporting the findings, which have been impressive. Dean Witter's fund suffered from poor timing, and even more greatly from absurdly high expenses. Its failure tarnished the reputation of equally weighted indexes. As the past 25 years have demonstrated, though, the concept clearly possesses merit."